Tesla reported Sunday it delivered 343,830 vehicles in the third quarter, a new record and a turnaround from earlier this year when a shutdown at its China factory and challenges around opening factories in Berlin and Austin affected how many vehicles it was able to get into customers’ driveways.
Despite the rebound and record number, the third-quarter delivery figure still didn’t meet Wall Street forecasts, which ranged between 358,000 and 371,000 vehicles, depending on the polled group. There was also a larger-than-usual gap between production and delivery numbers. The company produced 365,923 vehicles in the third quarter.
Image Credits: TeslaTesla blamed the miss on a lack of capacity on the logistics network it relies on to ship vehicles to customers.
“As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,” Tesla said in a statement. “In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination.”
In other words, Tesla is going to try and evolve beyond its legendary end-of-the-quarter pushes. CEO Elon Musk tweeted Sunday that it is trying for a steadier approach. “Customer experience suffers when there is an end of quarter rush. Steady as she goes is the right move,” he tweeted.
Customer experience suffers when there is an end of quarter rush. Steady as she goes is the right move.
— Elon Musk (@elonmusk) October 2, 2022
Elon Musk's group delivered fewer vehicles to customers than expected in Q3 and faced unexpected costs.
Tesla vehicle deliveries rebounded to a record in the most recent quarter, though the figure was short of Wall Street’s forecasts and leaves the company requiring a further increase in the final three months of 2022 to meet annual growth objectives. Tesla on Sunday said it had delivered 343,830 vehicles to customers in the three-month period ended in September, up from about 255,000 in the prior quarter that was dented by a temporary shutdown of its factory in China. Deliveries were up roughly 42% from last year’s third quarter, when Tesla handed over 241,000 vehicles.
The Bureau of Labor Statistics will report the August Job Openings and Labor Turnover Survey on Tuesday, and the September jobs report and unemployment rate on Friday.
Tesla Inc. reported record quarterly deliveries on Sunday. but the number still disappointed analysts.
Juno, a startup that provides checking accounts to crypto enthusiasts and allows them to take their paychecks in digital tokens, has raised a new funding round as it expands its offerings to include a tokenized loyalty program. The one-and-a-half-year old startup has amassed over 75,000 customers in the U.S. who take their salaries (some in entirety, rest in portions) in crypto and invest consistently in digital assets each month. Customers are able to spend their crypto or cash using the startup’s Mastercard-powered debit card, make bill payments and easily move funds to and from traditional banks if they so desire.
While the automaker hit a record high number of deliveries, the figure was below analyst expectations.
While equities declined this week, the major fireworks were happening in the bond market, both in the U.S. and abroad.
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The stock market is often a game in reverse psychology. That is, when the mood gets too euphoric, it’s often a sign it is time to sell. Likewise, when sentiment hits the skids, that could be the ultimate signal the time is right to load up the truck. And on that subject, J.P. Morgan’s Marko Kolanovic thinks we are at – or at least near – the bottom. The firm’s global market strategist believes the Fed’s hawkish stance has left stocks “very oversold,” and while inflation remains persistently high
-Tesla Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy. Ford Motor said last month inflation-related costs would be $1 billion more than expected in the third quarter and that parts shortages had delayed deliveries.
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In fact, even long-term U.S. Treasury Bonds, normally seen as a safe haven hedge against recession, have plunged, with the S&P 10-Year U.S. Treasury Bond index down 16.5% year to date. The reason for the rare double-digit losses across both stocks and Treasuries in 2022 has been an abrupt change in inflation, along with a corresponding rapid rise in interest rates. Treasury Series I savings bonds, or I Bonds, are securities sold by the U.S. government and meant to shield holders from the effects of inflation.
Image source: Getty Images Real estate mogul Grant Cardone knows a thing or two about buying homes and building wealth. In fact, he credits real estate investing as paving the way to becoming a self-made millionaire.
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